Global 3D Virtual Platform Market Size (2024 - 2029)

3D Virtual Platform Market Analysis

The Global 3D Virtual Platform Market is expected to register a CAGR of 13.5% over the forecast period (2022 - 2027). Factors such as the increasing adoption of smartphones and a high internet penetration rate are contributing to the growth of the 3D virtual platform market across the globe.

• Virtual Reality is the usage of software technology, primarily to create a simulated environment. VR places the user inside an experience, which means instead of viewing a monitor screen in front of them, users are immersed and can interact with the 3D world. Technology has transformed the world by simulating as many senses as possible, such as vision, touch, hearing, and even smell.
• The 3D virtual platform offers users a partially virtual environment. The platform is equipped with semi-immersive technology offering realism through 3D graphics. This virtual Reality is fundamentally used for the conduction of events and educational or training purposes. It relies on high-resolution displays, projectors, powerful computers, or hard simulators to partially reproduce the form and functionality of real-world machinery.
• The healthcare industry has also adopted the 3D virtual reality technology in an intrinsic manner where some high-grade institutions have been using the images a computer has generated to do multiple types of diagnoses. For instance, In June 2022, Novard, a healthcare technology provider, announced that VisAR, an augmented reality surgical navigation system from healthcare technology, received FDA approval for precision-guided intraoperative spine surgery. It transformed a patient's imaging data into a 3-dimensional hologram visible through an optical visor and superimposed onto the patient with submillimeter accuracy.
• In June 2022, Qatar Airways announced to soon introduce new features in its metaverse platform, QVerse. The company plans to integrate `NFTs ticket purchases and more into its virtual reality platform. The platform was created using Epic Game's Unreal Engine, which is one of the enhanced 3D creation tools.
• The COVID-19 pandemic has boosted the digital transformation of industries, and companies are focusing more on a digital platform to interact with their clients and customers. Virtual reality can also capture various office environments as the conferences can take place on virtual reality platforms, and multiple brands and product launches can be conducted through it. The education and healthcare sector is also targeted as they are the industry getting high digital transformation in this pandemic. For Instance, In January 2020, Federal Emergency Management Agency (FEMA) launched a virtual reality experience called IMMERSED. The new system could create an experience of actual flood-like situations which can help the authorities to plan the mitigation. The action taken through the virtual property can reduce the loss of life and property. Such use of virtual reality for disasters will help in providing adverse solutions during the pandemic situation.

3D Virtual Platform Industry Segmentation

A complete background analysis of the Global 3D Virtual Platform market includes an assessment of the economy, market overview, market size estimation for key segments, emerging trends in the market, market dynamics, and key company profiles covered in the report. The market study also comprises a brief understanding of the impact of COVID-19 on the market.